Doriemus : Oil Production Update – Horse Hill, UK

Doriemus Plc

ARBN: 619 213 437

ASX / Media Announcement

18 March 2019

Head Office:

Oil Production Update - Horse Hill, UK

Suite 3b, 38 Jermyn Street Princes House

London, UK Sw1Y 6DN

Phone: +44 2074400642 Fax: +44 2074400641 Email:info@doriemus.co.ukWebsite:www.doriemus.co.uk

Doriemus Plc (ASX: DOR)("Doriemus"or the"Company"), is pleased to announce that aggregate test production from the Portland reservoir at the Horse Hill oil field in the Weald Basin of the UK now exceeds 10,000 barrels ("bbl").

Australian Contact Information: Julia Beckett

Joint Company Secretary Tel: + 61 8 6245 2050

The Operator of Horse Hill (Horse Hill Developments Limited, the "Operator") has advised that the Horse Hill-1 ("HH-1") discovery well continues to flow Portland crude oil with no formation water produced to date. The Portland is producing at a stable daily average rate of over 220 barrels per day ("bopd"), and this stabilized flow is a key component of the conceptual design and planning required to finalise the Portland field development plan and to the targeted establishment of permanent long-term Portland production by end 2019.

Email:julia@everestcorp.com.au

Address:

Suite 12, Level 1 11 Ventnor Avenue West Perth WA 6005 Australia

For prudent reservoir management purposes, the average test production rate from the Portland section has been maintained below the previously reported 362 bopd calculated optimised sustainable rate.

Postal Address: PO Box 1240

Rig tender documents have also been issued to contractors for the drilling of the HH-2 Portland and HH-1z Kimmeridge horizontal appraisal/production wells and for which planning and environmental permits are in place. Drilling is targeted to start over the coming months.

West Perth WA 6872

HH-1 test production is planned to continue until the completion and testing of the new HH-2 Portland well.

Further details of extended well test ("EWT") results to date are summarised below.

Directors:

Horse Hill 2018-19 EWT Oil Production Milestones:

Executive ChairmanDavid Lenigas

• •Over 35,000 barrels ("bbl") aggregate Kimmeridge and Portland oil production to date.

  Executive DirectorsGreg Lee

• •Over 25,000 bbl total Kimmeridge oil production.

  Donald Strang

• •Over 10,000 bbl total Portland production to date, flow continues.

  Non-Exec DirectorsHamish Harris

  Corporate Information: ASX Code: DOR

• •165 tankers of crude exported primarily to Perenco's Hamble oil terminal. The Portland's 36° API Brent quality crude containing zero produced water, continues to be sold at prevailing Brent crude oil prices, less a small deduction for handling and marketing.

David Lenigas, Doriemus' Chairman, commented:

"The Portland's continued excellent production performance, particularly from a non-optimised vertical well, provides confidence that the previously reported 720-1,080 bopd horizontal well production targets are increasingly attainable. The recent rig-tender exercise also means Horse Hill remains on track to begin the first horizontals shortly, with long term production testing of both wells planned to follow directly afterwards. This programme puts the Horse Hill partners in a strong position to deliver real growth and positive cash flow in the near future."

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Doriemus Plc interest in Horse Hill:

Doriemus now owns 4% of Horse Hill Developments Limited ("HHDL"), which owns 65% of the two UK onshore petroleum exploration and development licences being PEDL 137 and PEDL 246, which hosts the Horse Hill oil discovery in the UK's onshore Weald Basin.

QUALIFIED PETROLEUM RESERVES AND RESOURCES EVALUATOR STATEMENT:

Pursuant to the requirements of the ASX Listing Rules, the technical information and resource reporting contained in this announcement was prepared under the supervision of Mr. Gregory Lee, who is the Technical Director of the Company. Mr. Lee has more than 30 years' diversified experience in the petroleum industry. Mr. Lee is a chartered professional Engineer (CPEng) and a member of the society of petroleum engineers (MSPE) and has been an independent consultant Petroleum Engineer since 1992 and has sufficient experience in exploration for, appraisal and development, operations of oil and gas resources.

CONTACTS:

For further information on this update or the Company generally, please visit our website atwww.doriemus.co.ukor contact:

Investors / Shareholders:

Doriemus Plc (www.doriemus.co.uk) UK Contacts:

David Lenigas (Executive Chairman)

+44 (0) 20 74400640

Don Strang (Executive Director)

Greg Lee (Technical Director)

Australia Contacts:

Julia Beckett

+61 (0) 8 6245 2050

Email:julia@everestcorp.com.au

FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE:

This document may contain forward looking statements that are subject to risk factors associated with the oil and gas industry. Forward looking statements include but are not necessarily limited to statements concerning Doriemus's planned operations and other statements that are historic facts, when used in this announcement, the words such "could", "plan", "estimate", "expect", "intend" "may", "potential", "should" and similar expressions are forward looking statements. Although the expectations reflected in these statements are reasonable, they involve risks and uncertainties, and may be affected by many variables which could cause actual results or trends to differ materially. No assurance can be given that actual results will be consistent with these forward-looking statements. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.

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